Cn anyone advise on this muddle?

skintchick

I just think you've been so kind to him, but now you need to be kind to yourself, and interest woudl help because otherwise you are really missing out. you could just do it at 5 per cent or so.

If you use the snowball calculator you could work out how it would work.

https://www.whatsthecost.com/snowball.aspx

After all, just cos he can't get credit elsewhere means he wants you to be his bank, and banks charge interest!

Bloke_with_a_simple_life

Looking at the car... the what car website provides an interesting section on the running costs of your Scenic - may be an eye opener on how much value the car will lose (% value retained) in the first 3 years. May require you to review a few assumptions which have been made.

http://www.whatcar.co.uk/car-review-costs.aspx?RT=0&ED=45118&U=1

'B'

I am a bit dumb with things like the link (but thanks good reading) I was led to believe that the car was going to be economical. i ma not sure whta the car is worth right now but I do know that whatever it will have lost a vast proportion of the value when it came off the forecourt.
Cheers b

peterg1965

It may be worth asking yr finance company for a settlement figure, you get this without any obligation to pay it off. It will give you an idea of where you stand. How old is the scenic and how many miles has it covered?

Pete

'B'

i HAVE ASKED AND THE FIGURE IS £18K Oops sorry for shouting.......
The scenic is 4 months old and has done 950 miles the 18k includes the balloon payment of £5k
thanks

peterg1965

Sorry...bloke thing....never listen!

Sadly I know this isn't what you want to hear but I think that the car may not be worth more than you owe. There are new Scenic 2.0 privilege model available for just £14K.

'B'

I guessed that would be the case,that;s why although we have made a momentus mistake buying the car,the reliability (hopefully) we will get out of it will at least see us through the next 2 yrs and few months of paying for it. I think we are best to just struggle paying the £400 a month for this and when it is paid up then lesson learnt.

If there is one thing I have learnt now,that is I KNOW I will never get into debt again,and this may sound strange but in a funny way I am going to enjoy paying all this debt off. After these debts I am going to start on the mortgage circumstances permitting.

I want to say thanks to everyone it is so reassuring knowing that you are not alone and someone else's perspective on things makes the problem not so insurmountable as it appears to yourself.
B